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Heart Tumor Market Study, Leading Growth Drivers, Emerging Audience, Segments, Market Sales & Profits
Market Highlights
The global heart tumor market is expected
to register a CAGR of 6.31% during the forecast period and is expected to
hit USD 1,360.12 million by 2030.
An abnormal growth of heart tissue is referred to as a cardiac tumor,
which can be either cancerous (malignant) or non-cancerous. Cardiac Tumor can
also be categorized as primary (coming from the heart itself) or secondary.
Primary cardiac tumor is extremely uncommon, affecting just around 1 in 3000
people. The majority of initial heart tumor—75%—are benign. Secondary cardiac
tumor most frequently develops in people with lung cancer, breast cancer,
melanoma, renal cell carcinoma, or lymphoma and are 20–30 times more likely
than primary cardiac tumor.
The growth of the global heart tumor market is attributed
to growing prevalence of cardiac tumors and rising number of strategic
initiatives and increasing number of cancer research and funding. Furthermore,
the increasing initiatives by public and private organizations to drive
awareness regarding heart tumor provides growth opportunities for the market
during the future. However, lack of skilled radiologists and lack of awareness
among people are restraining factor for market growth.
Segment Analysis
The global heart tumor market is mainly segmented into tumor type,
and diagnosis & treatment. On the basis of tumor type,
it has been bifurcated into primary tumors and secondary tumors. On the
basis of diagnosis & treatment, it has been segmented into diagnosis
and treatment.
Market Key Players
The global Heart Tumor Market
Players are Koninklijke Philips N.V (The Netherlands), FUJIFILM Corporation
(Japan), GE Healthcare (US), Siemens (Germany) Amneal Pharmaceuticals llc (US),
Shimadzu Corporation (Japan), TomTec Imaging Systems GmbH (Germany), Toshiba
Corporation (Japan), Boston Scientific Corporation (US), and Terumo
cardiovascular systems corporation (US).
Regional Analysis
The global heart tumor market has been segmented on the basis of region
into the North America, Europe, Asia-Pacific, and the Rest of the World. The
North America held the largest market share of 40.72% based on region and is
anticipated to dominate the overall heart tumor market during the forecast
period.
North America held the largest market share in 2021. This is due to
factors such as the major use of cardiac biopsies and high prevalence of PCTs
in the region,
Europe held a second largest share in the global heart tumor market
owing to the presence of several major players such as Siemens AG (Germany),
Philips (Netherlands), and Bayer AG (Germany) drives the market in the region.
Asia-Pacific is anticipated to register the highest CAGR of 8.06% over
the forecast period. This is due to factors like presence off several key
companies and they are actively investing and expanding through acquisitions,
mergers, expansion, and product launches in the region.
The Rest of the World (ROW) comprises of Middle East, Africa, and Latin
America. The countries in these regions have experienced slower growth in this
market due to a lack of medical facilities, awareness of tumor diagnosis, and
limited access to diagnostic technology. However, increasing prevalence of
cancer in the region and increasing awareness for regular health check-up is
anticipated to provide significant growth opportunities for the heart tumor
market.
Key Findings of the Study
- The global heart tumor market is expected to
reach USD 1,360.12 million by 2030 at a CAGR of 6.31% during the forecast
period.
- Based on tumor type, the secondary tumor
segment accounted for the largest market share of 76.61% % in 2021.
- Based on diagnosis & treatment, the treatment
segment dominated the market with a share of 61.80% in 2021.
- The North America region accounted for the
largest share of the global market, which is majorly attributed to the
major use of cardiac biopsies and high prevalence of PCTs in North
America.
- Some of the key players operating in the heart
tumor market are Koninklijke Philips N.V (The Netherlands), FUJIFILM
Corporation (Japan), GE Healthcare (US), Siemens (Germany), Amneal
Pharmaceuticals llc (US), Shimadzu Corporation (Japan), TomTec Imaging Systems
GmbH (Germany), Toshiba Corporation (Japan), Boston Scientific Corporation
(US), and Terumo cardiovascular systems corporation (US).
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